Is it better to Build or Buy a House [Buying Vs Building]

Is it better to build or buy a house, buying vs building a house? When looking to buy a home, one question buyers face is whether to purchase an established property, or to buy land and build a home from scratch. While both methods offer significant financial and social benefits, ultimately, the “better” method depends on the priorities of the buyer.

00:00 Is it better to Build or Buy a House [Buying Vs Building]
00:55 1. Advantages Of Building a new home
01:51 2. Disadvantages Of Building a house
03:53 3. Advantages Of Buying a property
05:03 4. Disadvantage Of Buying a home

What to know: Established home
Buying an established home offers several key benefit that appeal to buyers.

Generally, an established property will be located closer to a city centre than a new home (as vacant blocks are rare in inner-city areas), and therefore be nearer to facilities and infrastructure such as schools, employment opportunities and public transport.

Not only is this location usually considered preferable, but the parcel of land the home sits on will generally be bigger than what’s offered for new builds.

Buying an established home is a quicker process than building a new house. Once the initial house hunting is done and the deposit has been paid, buyers can often move in and start their new life in as little as 30 days.

New homes, on the other hand, require months to build and have the potential extra burden of delays and complications. Because of this, many buyers will need to continue renting another property while their new home is being built.

At a glance…

Closer to the CBD and established infrastructure
Better investment potential
Larger land parcel
Comes with established landscaping
Can move in quickly

What to know: New home
Buying land and building a new home from scratch offers several unique benefits not offered when purchasing an established property.

Many first home buyers are drawn to this option due to the savings and concessions available, such as reduced stamp duty and the First Home Owner Grant.

At a glance…

Can be built to your exact specifications
Lower ongoing costs in terms of maintenance and energy
Significant buyer incentives such as the First Home Owner Grant
Less competition to buy land
Issues and defects covered under warranty

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This video offers no Legal, Financial and Taxation advice, and the information contained is general and does not take into account your personal situation. The Listener acknowledges, consents and agrees to the viewing of the content presented on the Channel is subject to the full Disclaimer (below) and agrees to be unconditionally bound by this Disclaimer.

[royaldecreeforthechurchofm]

Soil conditions is the biggest cost that can blow out on building new. Slabs get expensive on bad land. Then fire rating for your location and fake marketing / hidden costs in your turn key package.

[TheRaz]

Building worked for me $25000 deposit with all the fees transfers to buy 2nd hand house wasn’t able to borrow more than $315000 but building with the first home owners was able to borrow straight away

[sylvarone]

Thanks for this, sorry to keep spamming you guys but is it typical in QLD for me the buyer to submit the geotechnical report prior to signing the contract? Or is this a special condition?

[TheStudentStation]

This is the exact video that my partner and I need to help make our decision.

[danielsmith]

If you want to build, you'll be waiting 2-3 years as there's a massive shortage on wood. That and finding a builder who's not busy

[jacquessmit]

What are your thoughts on battle axe properties?

[nofear]

Good luck in buying during covid there is a War on pricing going on were the highest bidder gets the house and its not even a auction.

[marirosewa]

On a land and house package, do I still need to pay for soil and slope test?

[msamosco]

I wanted to buy a established house as first homeowners but you wouldn’t get the FHOG specially if the house is old. It’s really unfair. Not many new house are selling.